"If one take the call on all realty stocks, they are all virtually ruling at 5-10% off their peak, I am not trying to say that the peak was justified but if one see the erosion having taken place in the valuation of all these stocks, I do not think - yes there are some leverage concern, there are some repayment problems but the land has not got vanished."

He further added, "If they had the land in the form of SEZ or maybe in tier III cities, I would have practically valued them at zero, I wouldn’t have taken them at all into the valuation but if they have the land bank maybe in tier I and tier II cities, which has been the case with most of these realty companies which you have named or whether we talk of the top-10 companies, I do not think that these kind of valuations are justified."

"Definitely there is lull in the realty market, things are going to remain quite low for the next six-twelve months in terms of even achieving the topline or even achieving the volume but I think sooner or later they will bounce back. So as I have said that probably if you have a call of two years on Indian Hotel probably the same parameters or same theory is applied for realty stocks also if you have that kind of holding vision for these stocks of at least twenty-four months probably they can give you a very good value. But on a concentrated basis you may not expect or may not get any return for next twelve months but yes thereafter bunch the return will come in one go maybe after twelve-eighteen months."